Bitcoin Forum

Good day to all, theres news out there of a new ASIC miner in the works, called Veden Miner, 62 Th/s at ONLY 1440 Watts, able to run on 110 Volt outlet, of course this almost seems to good to be true, they are allowing pre-orders, $1000 down in BTC payment and another $950 2 weeks before shipping, these miners are made in Canada, so for us candians its only tax we would have to pay, i believe this would apply to all north american citizens as we have "free trade"

Theres a you-tube video with a lot of comments claiming to be a scam, id love some more input from other loyal Crypto miners

If you're talking about this site veden.com, and if its a too good to be true offer, and everyone's talking that it is scam which is an obvious scam.

Just from the number alone you've posted I'm calling a scam. Currently Bitmain has the best product out there the S17pro
Not on efficiency mode it does 56 TH at ~2200W

There is no way some random miner manufacturer comes out of nowhere and blows this away, in not only power but efficiency. I also live in Canada and feel like I would have heard about a hardware manufacturer/distributor popping up, even without actively searching for gear to buy.

I'm going to do some reading up on this later on, but do not send them money. It will only end badly.

Edit: First thing I saw while searching was an [ANN] thread here, and it's already been trashed so that says something.

Lol - So here is how they are able to be more efficient taken from their FAQS
"We use a more efficient approach than the regular miners, regular miners use "brute force" to decrypt and therefore they waste a lot of electricity, we have a different algorithm that consumes much less electricity, and the result is more TH per Watt and less heat and noise"

Oh wow they are also chip manufacturers apparently.
"We have our own chip architecture, we do not buy the asic chips from any provider, we manufacture our own chips in house"

I repeat do not send them money

Thank you guys for responding, im going to hold off on this, as stated, its to good to be true and not worth the $1000 USD risk

Smart move. Don't forget anyone who does fall for this is also going to be asked to send off another 950$ 2 weeks before shipping, sneaky bastards. In the end people will get taken for a lot, especially because they have a polished website. It's not until you dig a little or have an deeper understanding of the product that you realize the amount of bullshit they're peddling.

If you are looking for miners you could check out the Computer Hardware (https://bitcointalk.org/index.php?board=75.0) section in the Marketplace there are a few decent listings. Make sure you know what you are getting into though as the mining scene will go through a drastic shift in a few months at the halving.

Thank you for that, im well aware of the May halving.

From the comment so far for those that have responded, then you dont need any more than to be careful and if I am you, I wouldn't even need information from the forum because from what you said, they are located in Canada and you also indicated you are there so it becomes very easy to verify their claim. They are offering a credit facility then you can approach the bank or their appointed agent to find more. If with all of this, its still shady or not enough information to make an informed one, then its better to walk away from this kind of deal when its too good to be true, its most likely a lie.

I honestly wouldn't rely on any financial institution or middlemen when it comes to purchases related to crypto. People all blindly assume that they can get their money back and whatnot, but I have my doubts because there have already been services running a policy that they do not tolerate such transactional activity.

I personally find it more surprising that people keep looking for mining gear despite how little rewarding it is. It's a horrible allocation of fiat or Bitcoin. With the halving coming up the larger farms will do their best to squeeze out the smaller miners because they just can't compete unless they are ready to swallow losses for months straight.

I'm new to mining so forgive my ignorance. How do the larger farms squeeze out the smaller operations? If I have 10 or so miners and join a large mining pool, how do the large operations affect me?

Also on Veden, I'm in touch with them now. Bob claims that they are producing their first batch of miners right now. That's why there have been no reviews. He can't let me take a tour of the factory because of Covid. And he won't do a Zoom tour of the factory because they're about to do one for everybody. The machine is now $2450USD, has a 68 TH/s hash rate, and consumes 100 watts of electricity. Yes 100 watts. I was so excited when I found it while planning my mining operation, it completely transformed my spreadsheet. Then I searched for reviews and felt like an idiot for not realizing it myself. And with ZCash halving, that left only expensive Etherium miners to build a business with. But I forebear. :-) But Bob called me today and asked me to send an email saying if my loan was approved I intended to buy so many of his miners. I worded my email very carefully saying that if my loan was approved I intended to buy so many of the miners specified on his web site. But every spec is beyond great and nothing is verifiable under any circumstances. It's really disappointing, he talks such a good game.